Wealth management firm Mercer Advisors of Santa Barbara says it has acquired an RIA in New York with about $100 million in client assets: Novos Planning Associates.
In 2016, Mercer acquired three investment advisors and a trust company. Its operations include Mercer Global Advisors, an RIA with over $9.4 billion in assets under management, as well as 200 employees and 22 branch offices.
“Aligning with complementary firms is a key component of our growth strategy, and the acquisition of Novos is a significant step forward in New York City,” said Mercer Advisors CEO David Barton, in a statement. “We anticipate further growth in the greater metropolitan area.”
In December, the firm announced that it had bought Fabian Wealth Strategies, an RIA with $95 million in assets in Costa Mesa, California.
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“We continue to identify outstanding advisor firms as part of our ongoing efforts to build our national presence, and Novos is an excellent fit for our organization,” explained Barton.
“Madeline Noveck, founder of Novos, has been a vibrant part of the New York financial community for over 30 years and she and her team look forward to continuing their journey under the Mercer Advisors umbrella,” he added.
Appleton, Wisconsin-based SII Investments, a broker-dealer in National Planning Holding’s network, says two advisor groups have reaffiliated with it and recently finished their transition back to its platform: JLM Financial of Bridgewater, New Jersey, with $120 million in client assets, and Capital Investment Advisers in Long Beach, California, with $100 million.
“We’re delighted to welcome JLM Financial and Capital Investment Advisers back to SII,” said SII President & CEO Todd Kinart, in a statement. “The newly enhanced platforms and resources we offer provide a wide range of advantages to support financial institutions and help them meet the evolving needs of their clients.”